Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,510 per unit and then sells them to retail customers for an average price of $3,400 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment $967 per month $4,814 per month, plus 3% of sales $ 61 per piano sold $639 per month $4,923 per month $13,506 per month $703 per month $2,511 per month, plus $41 per piano sold $938 per month During August, Marwick's Pianos, Inc., sold and delivered 64 pianos. Required: 1. Prepare a traditional format income statement for August. 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per unit basis down through contribution margin. Marwick's Pianos, Inc. Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: 0 Total selling expenses Administrative expenses: 0 Total administrative expenses Total selling and administrative expenses 0 Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Total Per Piano Variable expenses: 0 Total variable expenses Contribution margin Fixed expenses: Total fixed expenses 0